Oil prices rise after EU's 18th sanctions package against Russia

World oil prices on Friday afternoon increased by 1% after the agreement on the 18th package of EU sanctions, which includes measures regarding prices of Russian oil and petroleum products, Report informs.

The price of September futures for Brent crude oil rose by 0.85%, to $70.11 per barrel, August futures for WTI went up by 1.04%, to $68.25.

The EU Council on Friday approved a new, 18th sanctions package against Russia, announcing the introduction of an automatic mechanism for changing the price ceiling on oil. The EU also reduced the maximum price for oil from $60 to $47.6 per barrel.